February 28, 2013 / 5:51 AM / 5 years ago

Morocco's OCP gets $150 mln loan from IDB

RABAT, Feb 28 (Reuters) - Morocco’s state-run phosphate monopoly OCP has obtained a $150 million loan from the Jeddah-based Islamic Development Bank to improve its infrastructure.

The loan will fund construction work and repair of facilities at the port of Jorf Lasfar, OCP said in statement on Wednesday.

The company uses the port for export and import traffic, which will increase as OCP, one of the world’s biggest exporters of phosphates and derivatives, boosts its production capacity.

OCP plans to raise its annual output of fertilisers to 10 million tonnes by 2020 from 3.6 million, as it bets on a rapid increase in global demand, the company said early last year.

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